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Catching Big Waves - a trader's journal of surfing the the markets
Gary, i learn from your posts potential targets and resistance. I trade based of ACD method- which is price based trading method. Thus , everyday I have to wait for BIG money to show their hands. Your analysis gives me another angle- an angle to anticipate. Thanks.
I have been on vacation for 40 days. Just settling in. Cl did not disappoint on Tuesday and Wednesday in terms of VOLATILITY and price movement. If i get VOLUME spikes like we got on Tuesday and Wednesday just twice a week- life and trading is GOOD.
Price below 98.56 keeps bears in charge. A close over 99.29 will rekindle bulls.
After Mark fisher ACD method, box trading is my favorite trading method. There is a reason " A level is a level till it gets broken" is one of my favorite quotes from one of my mentor.
I only trade New York session but like to observe Box trading in all time frames.
From last night: "... And then, thought, well, now maybe I'll go long... lol! I am a constant source of my own entertainment....Maybe by tomrrow, if, I'll pretend, price moves up to 97.00, spike tops, then has a strong reversal. Or, moves up the the minor LSP around 99.95, gives significant divergence on a 9 range...Then, there's my stop location, there is the risk assesment. But right here, right now? Not in my plan. ...Not as a short anyway. ...I'd actually be surprised if we don't see some version of short covering rally, even if it is nothing but a failed one."
Notice the consolidation; a mix of signals. The big move down has those still long pushing to get out, the ABC has new longs trying to get in. This is whipsaw territory. The red and green lines are critical areas. On the upside, we are far from any real structural resistence, below we have very well defined support.